Bangkok's condo market is becoming increasingly polarised, with luxury projects continuing to outperform while the broader residential sector remains weighed down by weak purchasing power and tighter mortgage lending.
Roongrat Veeraparkkaroon, managing director of property consultancy CBRE Thailand, said demand for high-end residential projects remains resilient, allowing the luxury and super-luxury segments to outperform the broader condo market.
CBRE reported a sharp increase in new condo launches during the first half of 2026, with 2,380 units in downtown Bangkok, up 207% year-on-year. Midtown and suburban launches also rose 46% to 8,982 units.
The increase was driven largely by premium developments rather than a broad-based market recovery, as developers continued prioritising luxury projects in prime locations.
"Buyers from the Middle East, Japan and Russia continued purchasing premium condos, primarily seeking lifestyle properties, second homes and long-term investment opportunities rather than speculative purchases," said Ms Roongrat.
This trend is expected to continue through the second half, with new launches in downtown Bangkok dominated by branded residences developed in partnership with international hospitality operators.
Developer confidence in the premium segment remains firm because wealthy buyers continue seeking high-quality projects in prime locations despite ongoing economic uncertainty, she said.
Prapaporn Boonkajornkul, deputy managing director of property consultancy Savills (Thailand), said Bangkok's condo market is in a rebalancing phase as developers adopt a cautious approach amid weak purchasing power, stricter mortgage approvals and elevated development costs.
"New project launches remain concentrated among large listed developers with stronger financial positions, while medium-sized and smaller firms continue prioritising liquidity management and inventory clearance over expansion," she said.
During the second quarter of 2026, Savills said only five new condo projects comprising 2,260 units worth 15.6 billion baht were launched, all by two major listed developers.
Even though first-half launches increased by 72.5% year-on-year to 12,248 units, the rise was driven by only a handful of large projects rather than a broad-based market recovery.
According to Savills, luxury and super-luxury condos remain the strongest-performing segment, particularly penthouses and large units, which continue attracting wealthy owner-occupiers, long-term investors and selected foreign buyers.
Demand remains strongest in Sukhumvit, Thong Lor and Ekkamai, where limited land supply, strong amenities, international schools and transport connectivity continue supporting premium residential values.
Ms Prapaporn said affluent buyers have been relatively insulated from economic pressures, placing greater emphasis on product quality, privacy, architectural design and location than on price.
Several luxury condo projects in Bangkok's central business district attracted buyers who queued before official sales launches, underscoring consistent demand for scarce premium products, unlike middle- and lower-priced condominium markets, which remain under pressure, she noted.
"Many developers continue relying on discounts, promotional campaigns and additional incentives to accelerate sales of completed but unsold inventory and improve cash flow," said Ms Prapaporn.
Savills expects total new condo launches across Bangkok to reach about 16,000 units this year, down around 6% from 2025 and still well below pre-pandemic levels.
The consultancy said many major developers are also shifting investment towards Phuket and Pattaya, where tourism recovery and overseas demand offer stronger growth prospects than Bangkok's residential market.
Ms Prapaporn said the extension of reduced transfer and mortgage registration fees will provide only limited support because the market's primary constraints remain weak purchasing power, high household debt and strict lending standards.
"Bangkok's condominium market will remain a buyer's market through the remainder of 2026, with developers focusing more on clearing inventory than introducing significant new supply," she said.
